Executive Summary:
This document contains the Pension Fund Regulatory and Development Authority (PFRDA) Retirement Adviser Fifth Amendment Regulations, 2019. It amends the 2016 regulations and comes into force on the date of its publication in the official gazette, December 2nd, 2019. The key change involves the omission of proviso ii to subregulation b of regulation 7 in the 2016 regulations.
Key Points / Main Content:
* **General Information**
* These regulations are called the Pension Fund Regulatory and Development Authority Retirement Adviser Fifth Amendment Regulations, 2019.
* These regulations were issued by the Pension Fund Regulatory and Development Authority.
* The regulations are enacted under Section 52(1), Section 52(2)(w), and Section 14(2)(d) of the Pension Fund Regulatory and Development Authority Act, 2013 (23 of 2013).
* The regulations come into force on the date of their publication in the official gazette which is December 2nd, 2019.
* **Amendments to the 2016 Regulations**
* In the Pension Fund Regulatory and Development Authority Retirement Adviser Regulations, 2016, proviso ii to subregulation b of regulation 7 shall stand omitted.
Impact Analysis:
* **Pension Fund Regulatory and Development Authority:**
* Impact: Responsible for implementing and enforcing the amended regulations.
* Action Required: Ensure compliance with the new regulations and update internal procedures accordingly.
* **Retirement Advisers:**
* Impact: Must adhere to the amended regulations, specifically the omission of proviso ii to subregulation b of regulation 7 of the 2016 Regulations.
* Action Required: Review and adjust their practices to align with the updated regulations.
* **Pension Fund Subscribers/Investors:**
* Impact: Indirectly affected by changes to retirement advisor regulations, potentially influencing the advice and services they receive.
* Action Required: Stay informed about the regulatory changes and their implications for retirement planning.
Key Entities Referenced
Pension Fund Regulatory and Development Authority: A regulatory body established in India to promote and regulate pension funds.
Pension Fund Regulatory and Development Authority Act, 2013: The Act of the Indian Parliament that established the Pension Fund Regulatory and Development Authority.
Pension Fund Regulatory and Development Authority Retirement Adviser Regulations, 2016: Regulations pertaining to retirement advisors under the purview of the Pension Fund Regulatory and Development Authority.
Pension Fund Regulatory and Development Authority Retirement Adviser Fifth Amendment Regulations, 2019: The fifth amendment to the Pension Fund Regulatory and Development Authority Retirement Adviser Regulations.
Ravi Mital: Chairperson of the Pension Fund Regulatory and Development Authority.
New Delhi: The location where the notification was issued. New Delhi, Delhi
Gazette of India: The official government gazette where the regulations and amendments are published.
December 2, 2019: Date of the notification regarding the Pension Fund Regulatory and Development Authority Retirement Adviser Fifth Amendment Regulations, 2019.
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PENSION FUND REGULATORY AND DEVELOPMENT AUTHORITY
NOTIFICATION
New Delhi, the 2nd December, 2019
PENSION FUND REGULATORY AND DEVELOPMENT AUTHORITY (RETIREMENT ADVISER) (FIFTH
AMENDMENT) REGULATIONS, 2019
No. PFRDA/12/RGL/139/10.—In exercise of the powers conferred by sub-section (1) of section 52 read with
clause (w) of sub-section (2) thereof and clause (d) of sub-section (2) of Section 14 of the Pension Fund Regulatory and
Development Authority Act, 2013 (23 of 2013), the Pension Fund Regulatory and Development Authority hereby makes
the following regulations to amend the Pension Fund Regulatory and Development Authority (Retirement Adviser)
Regulations, 2016 namely, -
1. These regulations may be called the Pension Fund Regulatory and Development Authority (Retirement Adviser)
(Fifth Amendment) Regulations, 2019.
2. These shall come into force on the date of their publication in the official gazette.
3. In the Pension Fund Regulatory and Development Authority (Retirement Adviser) Regulations, 2016: -
(I) Proviso (ii) to sub-regulation (b) of regulation 7 shall stand omitted.
RAVI MITAL, Chairperson
[ADVT-III/4/Exty./329/19]
Footnote:
1. The Principal regulations, The Pension Fund Regulatory and Development Authority (Retirement Adviser)
Regulations, 2016 were published in the Gazette of India on 17th June, 2016 vide No. PFRDA/12/ RGL/139/1.
2. The Pension Fund Regulatory and Development Authority (Retirement Adviser) (First Amendment) Regulations, 2017
were published in the Gazette of India on 5th May 2017 vide No. PFRDA/12/RGL/139/10.
3. The Pension Fund Regulatory and Development Authority (Retirement Adviser) (Second Amendment) Regulations,
2017 were published in the Gazette of India on 1st June 2017 vide No. PFRDA/12/RGL/139/10.¹Hkkx IIIµ[k.M 4º Hkkjr dk jkti=k % vlk/kj.k 3
4. The Pension Fund Regulatory and Development Authority (Retirement Adviser) (Third Amendment) Regulations,
2017 were published in the Gazette of India on 11th September 2017 vide No. PFRDA/12/RGL/139/10.
5. The Pension Fund Regulatory and Development Authority (Retirement Adviser) (Fourth Amendment) Regulations,
2017 were published in the Gazette of India on 28th December 2017 vide No. PFRDA/12/RGL/139/10.
Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064
and Published by the Controller of Publications, Delhi-110054.